Contact Lenses - Market Insights, Competitive Landscape, and Market Forecast - 2030

Peripheral Artery Disease (PAD) Market By Treatment Type (Devices [Angioplasty Balloon, Angioplasty Stents, Plaque Modification Devices, Hemodynamic Flow Alteration Devices, And Peripheral Guidewires], And Drugs), By End-User (Hospitals, Ambulatory Surgical Centers, And Specialty Clinics), and by geography is expected to advance at a respectable CAGR forecast till 2027 owing to the increasing prevalence of peripheral artery diseases, and arteriosclerosis, and the rising geriatric population burden prone to pad and other risk factors across the globe.

The global peripheral artery disease (PAD) market was valued at USD 3,757.64 million in 2021, growing at a CAGR of 6.64% during the forecast period from 2022 to 2027 to reach USD 5,469.02 million by 2027. The peripheral artery disease (PAD) market is observing remarkable market growth due to the factors such as the escalating burden of the geriatric population and the rising prevalence of peripheral artery disease (PAD) and arteriosclerosis across the globe. Further, the rising prevalence of obesity, diabetes, and high blood pressure, increasing product launches and approvals, and others will create a necessity for peripheral artery disease (PAD) in the market. Therefore, the market for peripheral artery disease (PAD) is estimated to grow at a substantial CAGR during the forecast period from 2022 to 2027.

Peripheral Artery Disease (PAD) Market Dynamics:

One of the key factors influencing the growth of peripheral artery disease in the market is the increasing prevalence of peripheral artery diseases (PAD) across the world.

For instance, as per Global Burden of Disease 2019, in 2019, there were 56.4 million prevalent cases of PAD among those aged 40-70, worldwide. According to the Centers for Disease Control and Prevention (CDC) 2021, it was estimated that approximately 6.5 million people aged 40 and older in the United States had PAD, in 2021.

Further, PAD is primarily caused by the buildup of fatty plaque in the arteries, which is called atherosclerosis, thereby increasing the prevalence of arteriosclerosis can ultimately increase the cases of PAD and further increase the demand for PAD treatment devices and drugs in the market. For instance, the latest study conducted by Heart Research Institute concluded that over the age of 40, people in general good health have about a 50% chance of developing serious atherosclerosis, with this risk increasing with age. Most people over the age of 60 have some atherosclerosis, but often do not have noticeable symptoms.

Thus, the increasing prevalence of various peripheral artery diseases and arteriosclerosis will increase the demand for peripheral artery disease devices and drugs, thereby propelling the overall market growth.

Further, the increasing geriatric burden prone to PAD and its risk factors across the globe will aid in propelling the market of peripheral artery disease (PAD) during the study period (2022 - 2027). As per World Health Organization (WHO) 2022, in 2020, the number of people aged 60 years and older outnumbered children younger than 5 years, across the globe. The data provided by the above-mentioned source estimated that by 2030, one in six people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion, in 2030, worldwide. Moreover, by 2050, the world's population of people aged 60 years and older will double which is nearly 2.1 billion. The number of persons aged 80 years or older was also provided by the same source, which is expected to triple between 2020 and 2050 to reach 426 million, globally. The increasing elderly population will increase the demand for peripheral artery disease (PAD) drugs and treatment devices as they are more prone to peripheral artery diseases, thereby increasing the overall market growth of peripheral artery disease (PAD).

Additionally, the increasing rising prevalence of obesity, diabetes, and high blood pressure will increase the risk of peripheral artery disease, thereby increasing the demand for its treatment devices and drugs.

Therefore, the factors stated above collectively will drive the overall peripheral artery disease (PAD) market during the forecast period from 2022-2027.

However, the high cost of different devices, adverse events related to various treatments, and others may prove to be challenging factors for peripheral artery disease (PAD) market growth.

The peripheral artery disease (PAD) market was negatively impacted during the period of COVID- 19 pandemic. The outbreak of the pandemic led to the cancellation of outpatient visits and the suspension of non-emergency hospitals and procedures for chronic disorders such as cancers, diabetes, cardiovascular disorders, stroke, and others. This resulted in a reduced number of patients with routine treatments of the above-mentioned disorders. Moreover, many elective surgeries were postponed as treatment of patients suffering from coronavirus infection was on priority. Additionally, the restrictions on the supply chain, raw materials, and other resources halted the manufacturing of devices and drugs, leading to a shortage of treatment devices and drugs in the market. However, the vaccine development of COVID-19 initiated the process of economic recovery. Also, the easing of lockdown restrictions and the return of normalcy in the economic landscape initiated the process of resumption of regular healthcare services such as outpatients visits and surgeries for the treatment of aforementioned ailments, thereby bringing the demand for products on track in the peripheral artery disease (PAD) market.

Peripheral Artery Disease (PAD) Market Segment Analysis:

Peripheral Artery Disease (PAD) Market by Treatment Type (Devices [Angioplasty Balloon, Angioplasty Stents, Plaque Modification Devices, Hemodynamic Flow Alteration Devices, and, Peripheral Guidewires], and Drugs), End-User (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the treatment type segment of the peripheral artery disease (PAD) market, the angioplasty balloon segment is expected to have a revenue share of 43.83% in the year 2021. This was primarily owing to the rising focus of manufacturers towards developing technologically advanced angioplasty balloons for improved and efficient removal of clots and plaques and the various advantages offered by the category.

Moreover, the angioplasty balloon is a minimally invasive vascular procedure to open narrowed or blocked arteries in patients with peripheral arterial disease.

The angioplasty balloon can also relieve intermittent claudication in lesser time, which is a symptom of peripheral arterial disease.

Additionally, it is the most effective method for the widening of larger arteries, arteries with short blocked areas, or arteries that are narrowed and not blocked.

Further, the increasing product launches and regulatory approvals of an angioplasty balloon will aid in increasing its demand in the market. For instance, in June 2020, the US Food and Drug Administration (FDA) cleared INFINITY Angioplasty Balloon's new balloon platform INFINITY Angioplasty Balloon Catheter for percutaneous transluminal angioplasty (PTA) treatment of peripheral arterial disease (PAD).

Therefore, owing to the aforementioned factors, the category angioplasty balloon is expected to witness considerable growth eventually contributing to the overall growth of the global peripheral artery disease (PAD) market during the forecast period.

North America is expected to dominate the overall Peripheral Artery Disease (PAD) Market:

Among all the regions, North America is expected to hold the largest share of 43.53% in the peripheral artery disease (PAD) market in 2021 and is expected to do the same during the forecast period from 2022-2027.

This can be ascribed to the growing government initiatives to raise awareness regarding the effective treatment of peripheral artery diseases, expanding burden of elderly patients prone to various cardiovascular disorders, the increasing prevalence of obesity, hypertension, and diabetes, increasing product launches, and the presence of advanced healthcare facilities in the region, which will boost the peripheral artery disease market in North America during the forecast period.

For instance, as per the US Census Bureau 2021 report, more than 54 million adults ages 65 and older living in the United States, in 2021. Further by 2050, the total number of adults ages 65 and older is projected to rise to an estimated 85.7 million roughly 20% of the overall U.S. population. The elderly population especially people above 50 years are more prone to peripheral artery disease.

The increasing prevalence of obesity and overweight will increase the market of peripheral artery disease as obese patients are 3-5 times more likely to develop the most severe complication of PAD. As per the data reported by the Centers for Disease Control and Prevention (CDC) 2019, all US states and territories have an obesity rate of at least 20%, in 2019. The source also stated that nearly one out of every three United States adults is obese.

Moreover, the increasing product launches, approvals, and other regulatory activities among the key players in the region will aid in increasing the demand for peripheral artery disease treatment devices and drugs. For instance, in September 2019, Concept Medical received the FDA Breakthrough Therapy designation for its sirolimus-coated balloon catheter developed for treating peripheral artery disease below the knee.

Also, in May 2022, Medtronic announced approval from the U.S. Food and Drug Administration (FDA) for the IN.PACT 018 Paclitaxel-Coated Percutaneous Transluminal Angioplasty (PTA) Balloon Catheter, a drug-coated balloon (DCB), indicated for the interventional treatment of peripheral arterial disease (PAD) in the superficial femoral and popliteal arteries.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the peripheral artery disease (PAD) market.

Peripheral Artery Disease (PAD) Market Key Players:

Some of the key market players operating in the Peripheral Artery Disease (PAD) market include Medtronic, Otivio, Koninklijke Philips N.V., B. Braun SE, Boston Scientific Corporation, BD, Cook, Bayer AG, Terumo Corporation, Biotronik, Cordis, Abbott, AngioDynamics, Cardiovascular Systems, Inc., Bluesail Medical Co., Ltd., Contego Medical, Inc., Argon Medical, REX MEDICAL, Merck & Co., Inc., Sanofi, Johnson and Johnson Services, Inc., Reflow Medical Inc., and others.

Recent Developmental Activities in the Peripheral Artery Disease (PAD) Market:

• In June 2020, the US Food and Drug Administration (FDA) cleared INFINITY Angioplasty Balloon's new balloon platform INFINITY Angioplasty Balloon Catheter for percutaneous transluminal angioplasty (PTA) treatment of peripheral arterial disease (PAD).
• In September 2020, Abbott Laboratories started the LIFE-BTK clinical trial to assess the effectiveness and safety of its Esprit BTK Everolimus-Eluting Resorbable Scaffold System. This is the Investigational Device Exemption (IDE) trial in the U.S. that is expected to help people battling the advanced stages of peripheral artery disease (PAD).
• In June 2020, Becton, Dickinson and Company acquired, Straub Medical AG, a private corporation. Medical atherectomy and thrombectomy devices are developed by Straub Medical AG for the treatment of venous and peripheral arterial disorders (PAD).

Key Takeaways From the Peripheral Artery Disease (PAD) Market Report Study

• Market size analysis for current peripheral artery disease (PAD) market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the peripheral artery disease (PAD) market.
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global peripheral artery disease (PAD) market.
• Various opportunities available for the other competitor in the peripheral artery disease (PAD) market space.
• What are the top-performing segments in 2021? How these segments will perform in 2027.
• Which are the top-performing regions and countries in the current peripheral artery disease (PAD) market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for peripheral artery disease (PAD) market growth in the coming future?

Target Audience who can be benefited from this Peripheral Artery Disease (PAD) Market Report Study

• Peripheral artery disease (PAD) products providers
• Research organizations and consulting companies
• Peripheral artery disease (PAD) -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in peripheral artery disease (PAD)
• Various end users who want to know more about the peripheral artery disease (PAD) market and the latest technological developments in the peripheral artery disease (PAD) market.

Frequently Asked Questions for the Peripheral Artery Disease (PAD) Market:

1. What is peripheral artery disease (PAD)?

Peripheral artery disease (PAD) is a common cardiovascular condition that is caused by plaque build-up in the arteries, resulting in restricted blood flow to the limbs. Peripheral artery disease is also linked to diabetes, aging, and high blood pressure.

2. What is the global market for peripheral artery disease (PAD)?

The global peripheral artery disease (PAD) market was valued at USD 3,757.64 million in 2021, growing at a CAGR of 6.64% during the forecast period from 2022 to 2027 to reach USD 5,469.02 million by 2027.

3. What are the drivers for the global peripheral artery disease (PAD) market?

The peripheral artery disease (PAD) market is witnessing positive market growth owing to the factors such as the rising prevalence of peripheral artery disease (PAD) and arteriosclerosis, the rising prevalence of obesity, diabetes, and high blood pressure, the growing burden of the elderly population, rising demand of minimally-invasive procedures, increasing product launches and approvals, presence of key players in the market, and others will create an exigency for the peripheral artery disease (PAD) market.

4. Who are the key players operating in the global peripheral artery disease (PAD) market?

Some of the key market players operating in the peripheral artery disease (PAD) market include Medtronic, Otivio, Koninklijke Philips N.V., B. Braun SE, Boston Scientific Corporation, BD, Cook, Bayer AG, Terumo Corporation, Biotronik, Cordis, Abbott, AngioDynamics, Cardiovascular Systems, Inc., Bluesail Medical Co., Ltd., Contego Medical, Inc., Argon Medical, REX MEDICAL, Merck & Co., Inc., Sanofi, Johnson and Johnson Services, Inc., Reflow Medical Inc., and others.

5. Which region has the highest share in the peripheral artery disease (PAD) market?

Among all the regions, North America is estimated to amass a significant revenue share in the global peripheral artery disease (PAD) market. This can be ascribed to the growing government initiatives to raise awareness regarding the effective treatment of peripheral artery diseases, the rising burden of elderly patients, the increasing prevalence of obesity, hypertension, and diabetes, the presence of advanced healthcare facilities in the region, and others act as a supportive factor for the North America peripheral artery disease (PAD) market growth.


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